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November 29, 2005

Bollinger to build barges for Moran

Bollinger Shipyards, Inc. of Lockport, La. and Moran Towing Corp., New Canaan, Connecticut,, have signed contracts for Bollinger to build one 14,500 short ton bulk barge and one 60,000 barrel, double-hull, ocean-going barge.

The large bulk barge will be similar to the three bulk barges currently in the Moran fleet, BRIDGEPORT, SOMERSET and PORTSMOUTH.

The barge will be able to carry a wide range of products, including petroleum coke, coal, fertilizers, grains, scrap metal, steel plates, steel coils, sugar, crushed glass and numerous other commodities, as well as finished goods for a variety of long-term and spot customers.

The bulk barge will be classed unmanned ocean service with dimensions of 418.5-feet x 75-feet x 29-feet.

The 60,000 barrel oceangoing tank barge will be compliant with OPA 90 requirements and will complement Moran's fleet of 10 petroleum barges, seven of which are OPA'90 compliant.

The new barge measures 350-feet x 70-feet x 25-feet, and is being built as a US flagged vessel, built in compliance with the American Bureau of Shipping, and United States Coast Guard regulations, manned service for the carriage of Grade A and lower petroleum products.

"Our new construction projects with Bollinger will help maintain Moran's leading position with our customer base on both the dry cargo and tank barge sectors and keep Moran on track to achieve our goal of operating a full double-hull fleet by the end of next year," chairman Paul Tregurtha said.

Both vessels are already in production and are being built at the Bollinger Marine Fabricators, L.L.C. facility in Amelia, Louisiana.

The dry bulk barge is scheduled for delivery in May of 2006 and the 60,000 barrel tank barge will follow with a delivery in September, 2006.

"The Bollinger organization is pleased to be a part of Moran's future plans," said Donald "Boysie" Bollinger, chairman and chief executive officer of Bollinger Shipyards, Inc., "Our two companies have a history dating back to our early days, with repairs and conversions. These two new build programs are well received by the Bollinger organization, and our people are dedicated to making these units the best in the industry."